“An investment in knowledge pays the best interest.”
This quote could not be truer for sales. As the sales cycle changes and the consumer is better informed, it has become critical that salespeople are gurus on the products that they sell. But how can product knowledge boost your sales? Here are four ways.
1. Increase confidence
When salespeople have a thorough knowledge of the product they are selling they can approach their consumers with confidence. They will be able to ask the right questions from the consumers to establish their need and then be able to sell them the product which would satisfy their need.
2. Counteract objections
Have you ever had a customer object to buying your product? What if you knew how your product is better than your competition? By knowing who your competitors are and how your product’s benefits are better than theirs, you can advise your customer on why they should buy from you.
3. Build trust
If you are able to confidently talk about the benefits of the product to your customer you will build trust with your customer. When customers trust you, they are more likely to depart with their hard-earned money.
4. Be able to cross-sell
If you don’t know which products or service are complementary within your company, you will struggle to cross-sell products and make a bigger sale. Therefore it is important to have the basic knowledge of each product or service you have available in your company.
Now that we know the benefits of having product knowledge, how can you improve your product knowledge?
1. Read literature on the product
During the slow times in your business, you should read websites, manuals, catalogues, and other literature which is appropriate for the product you sell.
2. Make a list of benefits
You may know the specifications of the product well but how do they benefit your customer? It is important to write down the benefits of each product spec so that you will be able to highlight the benefit to your customer when they tell you about their challenge.
3. Know the basics
It is critical that you have memorised the basic information about the product or service you are selling as your customer will sometimes test you to make sure you are the best person or have the best product for their need.
4. Talk to your colleagues and customers
It is important to talk to your colleagues as they may highlight other benefits from the products you may not have thought about. The same goes for customers. It is important to speak to your loyal customers and find out the reason why they choose your offering over the other offerings in the market.
5. Attend trade shows
It is important to attend trade shows as these will highlight the trends in your industry. You will also be able to network with colleagues and you will be able to see what the competition is doing. During trade shows you may also be able to test your competitor’s products out and see how their product rates against yours.
By building your product knowledge, you will become the thought leader in your industry and your customers will keep coming back because they trust you.
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